kah chairman's statement

30 September 2010

Kalahari Minerals plc ('Kalahari' or 'the Company')

Interim Results


Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of uranium, copper and base metal interests in Namibia, announces its results for the six month period ended 30 June 2010.


Overview

* Significant progress achieved by Extract Resources Ltd ('Extract') and North River Resources plc ('North River'), where Kalahari maintains controlling stakes

* Extract Resources Ltd (41.12% interest)

+ Highly significant developments, both on the Husab project and at a corporate level
+ Extract resource upgrade included an Indicated Resource of more than a quarter of a billion pounds of U3O8
+ Expected production levels at Husab of 15Mlbs of uranium oxide per year, making it one of the largest, stand alone uranium mines in the world
+ Infill drilling on Zones 1 and 2, including an outstanding 68 metres grading 5,767ppm of U3O8
+ Maiden resource published on the newly identified Zones 3 and 4, and confirmation of the emergence of a high grade continuously mineralised strike of 1.7km at Zone 5
+ 6km of the entire 15km R�ssing South Anticline yet to be drill tested - further credence for the commissioning of multiple mining operations across Husab

* North River Resources plc (44.73% interest)

+ North River made strong progress with the development of its gold, copper and other base metal assets
+ Agreement with Extract to develop three highly prospective uranium licences in north-east Namibia

* ITOCHU Corporation ('ITOCHU') and APAC Resources Limited ('APAC') welcomed to the Company's share register

* Strong news flow anticipated from North River and Extract.

* Kalahari looking to be highly supportive and active in the development of assets, for the benefit of all stake holders


Chairman's Statement

This has been a busy six months for the Company, as we work hard to implement our initiatives and actively support the development of Extract and its Husab Uranium Project ('Husab' or 'the Project'), as well as to support North River, where Kalahari is a 44.73% shareholder. There have been a number of highly significant developments both on the Project itself and at a corporate level, which I, and the management teams of Kalahari and Extract, believe have both underpinned the world class nature of Husab, significantly improved the corporate structure and profile of Extract and solidified the relationship between the major parties associated with the Project and the Namibian Government.

Our aim is to continue to actively support and guide Extract in achieving its stated objective of becoming a major uranium producer of global significance, with expected production levels at Husab of 15Mlbs of uranium oxide per year, making it one of the largest, stand alone uranium mines in the world. With this in mind, we will continue to utilise our significant 41.12% stake in
Extract to ensure that all stakeholders work together to advance the Project and crystallise the value of a world class asset.

A milestone event was the recently published resource upgrade, which included an Indicated Resource of more than a quarter of a billion pounds of U3O8, thus confirming Husab as the largest in-situ and highest grade granite-hosted uranium deposit in Namibia. The publication of this resource upgrade, which was ahead of schedule, reinforced Extract's commitment to establishing a
profitable, bulk tonnage, open pit mine on Zones 1 and 2 in as short timeframe as practicable. The identification of high grade intercepts from infill drilling on Zones 1 and 2, including an outstanding 68 metres grading 5,767ppm
of U3O8, will enable accurate definition of the optimum mine plan, further supporting the robust economics of the profitable, bulk tonnage, open pit mine, with 20+ years mine life, which Extract is establishing. As I have previously mentioned, we believe that it is important to note that when comparing the Husab project to its uranium peers, for example Rio Tinto's R�ssing Mine (which has produced circa 500Mlb of U3O8 over its mine life spanning more than 30 years), the scope for a successful and profitable mine to be established on Zones 1 and 2 is clearly evident to the management teams at both Kalahari and Extract.

Beyond Zones 1 and 2, a maiden resource was also published on the newly identified Zones 3 and 4, and recent results confirmed the emergence of a high grade continuously mineralised strike of 1.7km at Zone 5, where assays included an intersection of 29 metres grading 1,653 ppm U3O8 from 279 metres, which ranks within the top 2% for metal content within the current Husab database. All these results, and a further 6km of the entire 15km Rossing South Anticline yet to be drill tested, provide further credence for the commissioning of multiple mining operations across Husab.



At a board level, much changed at Extract during the period and the board of Extract (the 'Extract Board') were pleased to welcome Jonathan Leslie and Ron Chamberlain as Managing Director and Non-executive Director respectively. The Extract Board was also delighted to appoint an additional representative for Kalahari in Alastair Clayton, following the resignation of Rio Tinto's
representative director, Chris McFadden, and Polo's representative director, Stephen Dattels.



With regards to North River, we continue to work actively to assist in the development of their current portfolio of assets in Namibia and Mozambique. During the period, North River made strong progress with the development of its
gold, copper and other base metal assets and post period end, signed a joint venture agreement with Extract to develop three highly prospective uranium licences in north-east Namibia. These licences, known as EPL 3327, EPL 3328
and EPL 3139, will be jointly developed by both companies, utilising the outstanding and highly skilled board and management team of North River and the extensive experience in the uranium sector of the Extract team. The licences, which have had preliminary drill testing which demonstrated their potential to host secondary uranium deposits, will now be subject to a further drilling
campaign to identify potential targets and we look forward to hearing more from North River and Extract on these developments. Kalahari also remains fully supportive of North River's acquisition strategy of pursuing further assets from which to build shareholder value.

With regards to Kalahari's structure, we were delighted to welcome new strategic investors, providing further support to our already strong institutional backing. Recent additions included ITOCHU Corporation, a major Japanese trading house with a long established relationship with the Government of Japan. ITOCHU has taken a circa 15% interest in the Company and appointed a representative, Mr. Takashi Yasuda, to the board of directors of Kalahari ('the Board') to ensure the benefits of the strategic relationship between the two companies is maximised. In addition, APAC Resources Limited, a major Hong-Kong based resource investment company, acquired 16,000,000 ordinary shares in the Company from Kalahari's wholly owned subsidiary Coronet Resources Ltd. APAC now has a circa 12.14% of Kalahari's issued share capital (6 September 2010).

In addition to the support that these investors give to our shareholder register, which also includes Rio Tinto holding a circa 12.5% interest, both ITOCHU and APAC's involvement with Kalahari gives the Company exposure to
invaluable relationships and contacts within the Asian resource sector. We believe that access to this network will be highly beneficial, as we work together with Extract in developing the world-class Husab Uranium project towards production.

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